- Bitcoin reclaims $110K before settling at $109,039.59, up 1.27% in 24 hours.
- Market cap rises to $2.16T, with 24-hour trading volume reaching $ 47.64B.
Bitcoin regained ground today, climbing to an intraday peak of $110,376.88. Despite dipping to $107,214.15 in the last 24 hours, the asset currently trades at $109,039.59. The daily performance shows a 1.27% rise, reflecting renewed market confidence.
Moreover, Bitcoin’s market capitalization surged to $2.16 trillion, while the fully diluted valuation now stands at $2.28 trillion. With a 24-hour trading volume of $47.64 billion, the volume-to-market cap ratio reached 2.15%, highlighting active turnover and heightened liquidity.
In parallel, Bitcoin’s circulating supply holds steady at 19.87 million BTC, nearing the 21 million maximum supply cap. This constraint continues to fuel long-term scarcity narratives. While the price rebounds, technical conditions provide a mixed but revealing outlook.
Will Bitcoin’s Tight Range Break Spark a New Rally?
According to the price chart, the current support rests at $108,571, as seen from the 21-period moving average. Should BTC breach this level, the next floor could fall to $107,200. Conversely, resistance now forms at $110,422. If the price clears that mark, it could swiftly retest the $112,000 region.
However, sentiment remains cautiously neutral. The 14-day Relative Strength Index reads 51.59, nearly aligning with its average of 51.62. Both values hover near the equilibrium zone. Importantly, the RSI has not entered overbought or oversold territory, hinting at the absence of extreme sentiment.
The 9-period and 21-period moving averages converge around $108,816 and $108,571, respectively. Their tight spread implies consolidation, yet also suggests a likely directional move in the near term. A bullish crossover could catalyze fresh upside. On the contrary, if the shorter average dips below the longer one, short-term selling pressure may intensify.
Altogether, Bitcoin shows short-term strength underpinned by tight supply and strong trading activity. Nevertheless, the neutral RSI, flat CMF, and converging moving averages suggest caution. A break above $110,422 could reignite bullish momentum. Conversely, a slip under $108,571 may trigger accelerated downside toward $107,200.
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